Vensysco Technologies Ltd. Vs Sai Educare Private Ltd. (NCLT Jaipur)
M/s Vensysco Technologies Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Sai Educare Private Limited for an alleged operational debt of ₹12,09,29,629.70, comprising principal dues of ₹10,89,71,374 and interest of ₹1,19,58,254.70 at 18% per annum. The Operational Creditor stated that the parties had entered into an MOU dated 1 April 2022 for providing examination-related infrastructure and manpower services, that services were rendered pursuant to purchase orders, invoices remained unpaid, TDS had been deducted by the Corporate Debtor on certain invoices, GST had been paid on the invoices, and a demand notice under Section 8 was issued on 2 July 2025.
The Corporate Debtor opposed the petition, contending that a genuine dispute existed prior to the demand notice. It denied execution of the alleged MOU, disputed the evidentiary value of the unsigned document relied upon by the Operational Creditor, and alleged deficiencies in the services rendered, including quality issues, manpower shortages, technical failures, and deficiencies attracting deductions and penalties under the purchase orders. It also disputed the claim for interest, challenged the authorization relied upon for filing the petition, questioned invoice reconciliation, and submitted that TDS deductions and GST compliance did not amount to admission of liability. The Corporate Debtor relied upon email correspondence dated 19 December 2023, 10 February 2025 and 9 April 2025 to demonstrate continuing disputes regarding service deficiencies, reconciliation, deductions, penalties, vendor payments and No Dues Certificate requirements, all predating the Section 8 demand notice. The Operational Creditor maintained that these communications reflected routine operational coordination rather than a dispute over debt.
